County Commissioners give final OK to Electric Works extension
In a vote that was as anticlimactic as it was important, the Allen County Commissioners Friday became the last of three governmental entities to approve a crucial deadline extension for the developers of Electric Works.
In a unanimous 3-0 vote, the commissioners joined the city’s Redevelopment and Capital Improvement Board in amending the development agreement between RTM Ventures and the city. The deal had required certain financial and leasing commitments to be met by Feb. 1. Now, in the third extension of the deal, the deadline for leasing, funding and construction documents has been pushed back to April 30, and to June 30 for closing.
The vote came one day after New Haven-based hardware wholesaler Do it Best confirmed it would be Electric Works’ anchor tenant by leasing about 200,000 square feet in the former General Electric campus.
That announcement, and the extension that will give RTM additional time to finalize details, will help RTM secure the private financing still necessary to close the deal and begin construction later this year. The city, CIB and county have pledged a total of $65 million in public funds to the $250 million project.